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Showing posts from July, 2020

Stamp Duty Land Tax: temporary reduced rates

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

You can use the table to work out the SDLT due:
Property or lease premium or transfer valueSDLT rateUp to £500,000ZeroThe next £425,000 (the portion from £500,001 to £925,000)5%The next £575,000 (the portion from £925,001 to £1.5 million)10%The remaining amount (the portion above £1.5 million)12%
From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.

Higher rates for additional propertiesThe 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.

The following rates apply:

Property or lease premium or transfer valueSDLT rateUp to £500,0003%The next £425,000 (the portion from £500,001 to…